Hong Kong Launches Pilot for Tokenized Banking and Digital-Asset Settlement

Hong Kong has initiated the pilot phase of Project Ensemble, marking a significant advancement in its efforts to establish an on-chain financial infrastructure. The Hong Kong Monetary Authority (HKMA) confirmed the transition from sandbox testing to real-value transactions, enabling tokenized deposits and digital assets to settle using actual monetary flows for the first time.

The initiative, which began in 2024, revolves around the e-HKD and allows banks to test end-to-end settlement processes. The current phase focuses on tokenized money-market fund transactions and real-time liquidity management, with settlements initially relying on Hong Kong's RTGS system. Plans are underway to evolve toward 24/7 settlement in fully tokenized central bank money.

HKMA CEO Eddie Yue described the launch as a pivotal moment where innovation meets implementation, signaling the culmination of years of conceptual testing. The project aims to position Hong Kong as a leading global hub for crypto and tokenization.